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 他のページへ トップページ  アジアの石油化学  アジアのPVC/VCM                                                      連絡先 [email protected]

                          

フィリッピンの石油化学概況                      

石化会社と能力

Philippine National Oil Co  $600-mil naphtha cracker project   反対論

Malaysia Petronas seeks protection for Philippine PE

JG Summit revisiting naphtha cracker plans

JG Summit close to deals on naphtha cracker project

UOP Selected by Petrons Bataan Refinery to Provide PetroFCCTM Technology

Philippine Petron to commission FCC, propylene units in early Q1

JG Summit regains full ownership of petrochem unit 丸紅撤退

Philippines government may sell Petron stake to help poor

Ashmore unit buys majority stake in Manila's Petron

San MiguelPetronを買収  PetronPetrocorpに出資


BATANGAS PETROCHEMICAL SITE, PHILIPPINES   

       http://www.chemicals-technology.com/projects/batangas/

JG Summit's Batangas petrochemical site was built to partially satisfy the Phillipines's consumption of polyethylene and polypropylene, for which there was no production until 1998.


CRACKER DEVELOPMENT
Discussions on the construction of the country's first cracker naphtha plant have been restarted between PNOC-Petrochemical Development Corp (PPDC) and the private sector.
* PNOC : GOVERNMENT-controlled Philippine National Oil Company


At Bataan, a
600,000t/yr cracker is being planned by PPDC and a 450,000-600,000t/yr facility is being planned by Bataan Olefins and Polymer Co (BOPC). A 350,000t/yr cracker project is being planned in Batangas by JG Summit. Petrocorp, which is a lead partner in BOPC, operates a polypropylene facility with a capacity of 160,000t/yr in the PPDC petrochemical park in Bataan.

Two other consortia under discussion are considering a joint venture to reduce individual cost and risk. The
Petrocorp-led consortium is looking at a $600 million naphtha cracker. They are working with BP, Sunitomo and Mitsubishi Corp, and contractors include Kellogg Brown & Root for construction. The other consortium is led by the Chinese Petroleum Corp. (CPC), who are considering a $600 million naphtha plant with an estimated production of 600,000t/yr of ethylene and 310,000t/yr of propylene. PPDC and the Itochu Corp will provide financing.


PLatts 2002/5/27   

Philippine PNOC to conclude naphtha cracker study by July

State-owned Philippine National Oil Co expects to complete a feasibility study for its proposed $600-mil naphtha cracker project in Bataan, north of Manila, by Jul 1, a company official said Monday.


石化会社と能力

JG Summit Petrochemical (JGSP)
  a joint venture between JG Summit Holdings (80%82.28%) and Marubeni (20%17.72%) 丸紅撤退

LLDPE and HDPE   175,000t/yr 200,000t
Polypropylene
     180,000t/yr

ethylene         350,000t/yr 計画   

   

Bataan Polyethylene     会社清算
  
partnership with BP(38%), PETRONAS and Sumitomo Corporation

L-LDPE/HDPE     250,000t/yr

プラスチック王、バターン石化施設掌握

   BP, Petronas Find Buyer for Bataan Polyethylene

   long-term ethylene supply MoU with Iran

イラン国営石油化学、フィリッピンのバターン・ポリエチレンの大株主に NPC Alliance Corp.と改称

   Iranian firm to invest in petrochem   

Petrocorp

PP 160 000 tonne/year plant in Mariveles, Bataan

Philippine Resin Industries
  東ソー 50%、 三菱商事 50%

PVC  160,000t/yr

Philippine Vinyl Co.   
  台湾華僑

PVC 20,000t/yr


JG SUMMIT PETROCHEMICAL CORPORATION 

    http://www.jgsummit.com.ph/html/jg_petro.html

JG Summit Petrochemical Corporation is 80% owned by JG Summit Holdings, Inc., with the remaining 20% held by Marubeni Corporation of Japan.
inauguration on April 6, 1998

With a production capacity of
180,000 metric tons of polypropylene and 175,000 metric tons of polyethylene annually, the Company aims to supply the majority of manufacturers of plastic-based products in the country.

http://www.jgsummit.com.ph/html/profile.html

JG Summit has seven (7) core businesses: branded consumer, agro-industrial and commodity food products in Universal Robina Corporation; real estate and hotels in Robinsons Land Corporation and United Industrial Corporation (Singapore); telecommunications and internet in Digital Telecommunications Phils., Inc.; textiles and garments in Litton Mills, Inc; petrochemicals in JG Summit Petrochemicals Corporation; air transportation in Cebu Pacific Air; and financial services in Robinsons Savings Bank and JG Summit Capital Services Corporation.


The Bataan Polyethylene Corporation 
             http://www.bpamocochemicals.com/where/sites/default.asp?siteid=93


Shareholders in this joint venture include, Bataan Polyethylene Holdings, Inc.; BP.; Petroliam Nasional Berhad (PETRONAS) and Sumitomo Corporation with operations due to commence in the year 2000.

 


January 17, 2003 Financial Times

Planned naphtha cracker plant not viable, says plastics group


The Philippine Plastics Industries Association (PPIA), an association of some 200 local plastics manufacturers, said yesterday the Philippines does not have a strong petrochemical industry that would support the naphtha cracker project. Thus, the group said it will not be joining the consortium that will be putting up the project.


2004-2-20 Asia Chemical Weekly

Overseas investors interested in Philippine's Petrocorp

Philippine polypropylene (PP) producer Petrocorp is in talks with a number of European petrochemical producers on the sale of a 51% stake in the debt-strapped company, according to Petrocorp chairman Antonio Garcia.

Petrocorp is surviving solely on its tolling business, he said. The company is producing
PP at its 160 000 tonne/year plant in Mariveles, Bataan, for three trading companies.


中国・ASEANニュース速報 2004/4/5

プラスチック王、バターン石化施設掌握
http://www.e-plastics.gr.jp/japanese/nna_news/news/news0404_2/04040508.htm

 「プラスチック王」の異名を持つウイリアム・ガチャリアン氏が、操業停止中のバターン・ポリエチレン(BPC)の掌握に乗り出しているようだ。同氏は、株式約30%を保有するメトロ・アライアンス・ホールディングス・アンド・エクイティーズを通じ、BPCの債券を買い取るものとみられる。


CHEMICAL WEEK NEWSWIRE Jun 08, 2004

BP, Petronas Find Buyer for Bataan Polyethylene
http://www.chemweek.com/news/2004/current/newswire06082004.html

Metro Alliance Holdings and Equities (Manila) is in final negotiations to buy the stakes of BP and Petronas in Bataan Polyethylene (BPE; Bataan, the Philippines), sources say. BP and Petronas each own 38% of BPE; Sumitomo Corp. has 6%; and the rest is held by local shareholders. Completion of the deal is expected by mid-year.


ABS/CBS Interactive 2004/8/29

JG Summit revisiting naphtha cracker plans
http://www.abs-cbnnews.com/NewsStory.aspx?section=Business&OID=58398

JG Summit Petrochemical Corp., the petrochemical arm of the Gokongwei group, has revived plans to build the countrys first naphtha cracker facility, which would start commercial operations by the first half of 2008.

In a statement released over the weekend, JG Summit Petrochemical executive vice president and chief operating officer Wilfredo Paras said in the planned facility, which would manufacture raw materials for petrochemicals, would have a production
capacity of 350,000 metric tons (MT) a year and would ensure a reliable and competitive source of feedstock for the companys existing petrochemical plants.

JG Summit Petrochemical, a joint-venture between the
GokongweisJG Summit Holdings Inc. and Marubeni Corp. of Japan, have been signaling an interest to establish a naphtha cracker facility in the Philippines since 1997. Estimates have it that the facility would cost a minimum investment of $600 million.But the Gokongwei group decided to put on hold the project due to governments decision to form a consortium through the Philippine National Oil Co. instead that would have spearheaded the project.
Members of this group would have included Petronas of Malaysia, the Sultan of Brunei, Petron Corp., Philippine Resins Industries, BP Amoco Plc., D & L Industries Inc., Sumitomo, Itochu, Marubeni, Mitsui & Co., Mitsubishi, Chinese Petroleum and British Petroleum.


2004年12月15日 中国・ASEANニュース速報

【フィリピン】イランから原料、ポリエチレン生産へ
http://www.e-plastics.gr.jp/japanese/nna_news/news/news0412_2/04121505.htm

 地場系持ち株会社メトロ・アライアンス・ホールディングス・アンド・エクイティーズはこのほどイラン国営石油化学公社の完全子会社、イラン石油化学商業(IPCC)からエチレン供給を受けることで覚書を交わした。

 それによれば、供給は来年から開始され、メトロ・アライアンスが運営する
バターン・ポリエチレン(BPC)で原料油として使うという。

 メトロ・アライアンスを所有する「プラスチック王」の異名を持つウイリアム・ガチャリアン氏は、操業停止中のBPCの再建に取り組む方針を打ち出し、
同社株83%を取得した。地元各紙によると既に撤退を決めていた英石油メジャーのBPとマレーシアの国営石油会社ペトロナス、住友商事からバターン州マリベレスにあるポリエチレン製造工場を3億5,000万米ドルで買収したとされる。

■石化関税引き下げを


Iran National Petrochemical Company homepage 2005

PCC & MAHEC of the Philippines sign long-term ethylene supply MoU

Petrochemical Commercial Co. (PCC) and the Philippines
Metro Alliance Holding and Equities Corporation (MAHEC) have signed a memorandum of understanding for the long-term supply of ethylene. The agreement was inked by PCC chairman and managing director Mohammad Ehtiati and MAHEC chairman Renato Magadia in the Philippines. The supply agreement will be for six years and shipment of ethylene to MAHEC's Bataan polyethylene plant will start in 2005. MAHEC will use the ethylene as feedstock in the manufacture of plastic resins in its polyethylene plant located at Mariveles, Bataan.

The Petrochemical Commercial Company (P.C.C.) was established in 1990 as a subsidiary of the National Petrochemical Company (N.P.C). Major abjectives of P .C. C, include sales and marketing of Petrochemical Products, and procurement of chemicals, raw materials, equipment and spare parts required by Petrochemical Complexes.
http://www.iran-export.com/exporter/company/pcc/

 


Platts 2005/10/12

Philippine JG Summit close to deals on naphtha cracker project

Philippine conglomerate JG Summit Petrochemical Corp expects to have in place finance and EPC agreements for
its much-delayed $450-mil naphtha cracker project by the end of this year, a senior company official said Wednesday. The project has been on the drawing board since the early 1990s.

Located in Batangas, the naphtha cracker will have
an ethylene production capacity of 350,000 mt/yr and would provide feedstock to the company's polyethylene and polypropylene plants.
The project, however, could face some hurdles should the government go ahead with its plan
to lower import tariffs on mid-stream petrochemical products to 5% from 7-10%.

Besides JG Summit,
State-run Philippine National Oil Corp had also been planned a naphtha cracker in Bataan to support the domestic petrochemical industry.
However, PNOC's project faced a major setback and was eventually suspended in 2003 when two key investors--BP and Malaysia's Petronas--pulled out of the
Bataan Polyethylene Corp consortium. The cracker was to have supplied feedstock to BPC's polyethylene plant.


2006/2/7 UOP

UOP Selected by Petrons Bataan Refinery to Provide PetroFCCTM Technology
Maximization of propylene production targeted to help meet demand
http://www.uop.com/pr/releases/PetronFCC.pdf

UOP LLC, a Honeywell company, today announced that Petron Corp. has selected UOPs PetroFCCTM technology for a major upgrade of the thermal catalytic cracking (TCC) unit at Petrons refinery in Bataan, Philippines.
Petron, the largest oil company in the Philippines, will construct a PetroFCC complex for the production of
polymer-grade propylene as part of its ongoing goal to diversify into petrochemicals production and maximize benefits from existing facilities at the Bataan refinery.

 


2007/10/17 business.inquirer.net

JG Summit regains full ownership of petrochem unit

JG Summit Holdings Inc., the holding firm of the Gokongwei group, has acquired a 17.7-percent shareholding of Japanese conglomerate Marubeni Corp. in JG Summit Petrochemical Corp. and regained 100 percent of the subsidiary, JG Summit told the stock exchange.

 

JG Summit Petrochemicals revenue fell 53 percent in the April-June quarter to P1.37 billion from P2.91 billion in the same period last year, with sales volume down 56 percent.

Last year, JG Summit said it would borrow as much as $475 million from multilateral sources for a naptha cracker plant it would build in Batangas City, south of Manila, to produce as much as 350,000 tons of raw materials for plastic. Company president Lance Gokongwei said the project cost was estimated at $600 million.

A naphtha cracker would boost the revenue of the petrochemical business to about $450 million a year from the present $150 million, he said.

ABS/CBS Interactive 2004/8/29

JG Summit revisiting naphtha cracker plans

JG Summit Petrochemical Corp., the petrochemical arm of the Gokongwei group, has revived plans to build the countrys first naphtha cracker facility, which would start commercial operations by the first half of 2008.

In a statement released over the weekend, JG Summit Petrochemical executive vice president and chief operating officer Wilfredo Paras said in the planned facility, which would manufacture raw materials for petrochemicals, would have a production capacity of 350,000 metric tons (MT) a year and would ensure a reliable and competitive source of feedstock for the company
s existing petrochemical plants.


Platts 2007/10/16

Japan's Marubeni exits Philippine polyolefins firm JG Summit

JG Summit Petrochemical Corp., which started commercial operation in 1998, has the capacity to produce
200,000 mt/year of polyethylene and 180,000 mt/year of polypropylene in Barangay Simlong, along Batangas Bay in Batangas city. The company is one of two PE producers in the Philippines, the other being Bataan Polyethylene.

Marubeni made a similar petrochemicals divestment in Southeast Asia in 2005 when it sold its stake in Indonesian olefins and polyethylene manufacturer Chandra Asri.


2008/1/4 Platts              UOP Selected by Petrons Bataan Refinery

Philippine Petron to commission FCC, propylene units in early Q1

The Philippines' Petron Corp will commission a new fluid catalytic cracker and a propylene unit at its 180,000 b/d refinery in Limay, Bataan, early in the first quarter, a company spokesman said Friday.

The startup of the new units could begin as early as January, another industry source said.

The
19,000 b/d FCC and 140,000 mt/year propylene unit are part of the $300 million Petro Fluidized Catalytic Cracker project.

Other than these two units, the PetroFCC project involves replacing an old thermo catalytic cracking unit that has been retired since July 2007 and the construction of a BTX unit.

Due to be completed by the end of this year, the BTX unit will have output capacity of
22,800 mt/year of benzene, 15,000 mt/year of toluene and 220,000 mt of mixed xylene.

State-owned
Philippine National Oil Company holds 40% in Petron and Saudi Aramco another 40% while the rest is publicly owned.

(Ashmore bought 40 percent of Petron from Saudi Aramco in May, 2008)

PETRON CORPORATION is the largest oil refining and marketing company in the Philippines. Supplying more than a third of the country's oil requirements. Our world-class products and quality services fuel the lives of millions of Filipinos.  We are dedicated and passionate about our vision to be the leading provider of total customer solutions in the energy sector and its derivative businesses.

We operate a refinery in Limay, Bataan, with a rated capacity of 180,000 barrels a day. Our ISO-14001-certified refinery processes crude oil into a full range of petroleum products including LPG, gasoline, diesel, jet fuel, kerosene, industrial fuel oil, solvents, asphalts, and mixed xylene.

--------

Petron Corporation's more than 70 years of existence in the Philippines is a further testament to its commitment to providing quality products and services..

Petron's colorful history dates back to September 7, 1933 when the Socony Vacuum Oil Company of New York and the Standard Oil Company of New Jersey formed the Standard Vacuum Oil Company (Stanvac). The end of the venture in the early '60s split the marketing and refining interests of the company between Esso and Mobil.

In 1973, Esso sold its business to the government which became the Philippine National Oil Company or PNOC. Subsequently, Mobil also sold its share of the refinery to PNOC.

The oil refining and marketing units in PNOC were eventually merged to form Petrophil, which was later renamed as Petron.

As part of the government's privatization program, PNOC sought a strategic partner that would give Petron a reliable supply of oil, plus access to state-of-the-art refining technology. The result was a partnership with the world's largest oil producer, Saudi Aramco.

On February 3, 1994, PNOC and Aramco Overseas Company BV signed a share purchase agreement that gave both a 40% stake in Petron. The remaining 20% of Petron shares
were sold to the public.

In March 1994 Saudi Aramco acquired a 40% stake in Petron, the downstream unit of the Philippines National Oil Co. (PNOC), for $532m in cash. Another 40% is held by PNOC. The remaining 20% are held by more than 220,000 individual and corporate investors, including Petron employees, purchased in a September 1994 stock offering.

 


2008/6/18 Thomson Financial   

Govt may sell Petron stake to help poor

The government is considering selling its remaining 40-percent stake in oil refiner Petron Corporation to raise money to help the poor, Finance Secretary Margarito Teves said Tuesday.

Ashmore bought 40 percent of Petron from Saudi Aramco in May this year for $550 million and tendered for the remaining 60 percent worth about $827.23 million.

Of the 60 percent, small investors hold 20 percent.

Philippine law only allows foreigners 49 percent ownership.


December 11, 2005 Petron

PETRON APPROVES $178.4-M CONTRACT FOR PETROCHEM PROJECT

Market leader Petron Corporation yesterday approved the contract award for the Engineering, Procurement and Construction (EPC) of its PetroFCC project amounting to $178.4-million. The PetroFCC project consists of the revamp of the companys Thermofor Catalytic Cracker to a Fluidized Catalytic Cracker and a new Propylene Recovery Unit (PRU).

The project will further improve operating efficiencies at Petrons 180,000 barrel-per-day Bataan refinery through the increased production of white products and through the extraction of the high-value petrochemical propylene. Propylene is the feedstock used in the manufacture of plastic resins that it is in turn used in the production of home electrical appliances, automobile parts, detergent additives etc.

The units are expected to be commissioned in early 2008.

The approval of the contract award marks the companys further expansion into the petrochemicals business. This complementary avenue will give us additional revenue streams that will ensure Petrons growth and sustained profitability over the long-term,Public Affairs Manager Virginia A. Ruivivar said.

The petrochemical market is growing faster than global GDP. Unlike the petroleum industry which has slowed in demand, petrochemical demand is projected to grow at a pace of about 5% from 2005-2015. Petrochemicals also command better regional and local prices than other petroleum products.

The PetroFCC project is part of the companys $300-million Refinery Master Plan over the next three years that will allow it to extract petrochemicals for both the local and regional markets. The plan also includes additional refinery units for the extraction of the petrochemicals benzene and toluene and the expansion of its existing mixed xylene production capacity.

As of the third quarter of 2005, export margins, especially in Mixed Xylene, contributed more than a third of the companys P4.78-billion net income.


October 21, 2005 Petron

PETRON COMPLIES WITH BOI FOR PETROCHEMICAL PROJECTS

The Board of Directors of Petron has endorsed the Companys compliance with the terms and conditions of the Board of Investments (BOI) for the application of incentives for its BTX (Benzene, Toluene and Xylene) and Propylene Recovery (PRU) Projects. Earlier, the BOI approved the applications for registration of the Company as New Export Producer of Petrochemical Products (Benzene and Toluene on a Pioneer status and Mixed Xylene on a Non-Pioneer status) and as New Domestic Producer of Petrochemical Products (Propylene on a Pioneer status). Incentives include Income Tax Holidays and lower duties on the importation of capital equipment.

The PRU will produce propylene that is the feedstock used in the manufacture of plastic resins that is in turn used for making home appliances, automobile parts etc. The BTX project, meanwhile, will enable the Company to extract Benzene and Toluene as well as double its Mixed Xylene production capacity. The three petrochemicals have various applications including the production of plastics, textiles, pharmaceuticals, solvents, adhesives, food packaging etc. The new facilities are expected to be on-stream toward the end of 2007.

Our entry into petrochemicals supports our strategy of investing in higher margin businesses which will increase our presence in the regional market,President and CEO Khalid D. Al-Faddagh said. Our focus in the next 5 to 10 years is to develop our refinery assets to capture the unique opportunities presented by the developments in the petrochemical industry.

The petrochemical market is growing faster than global GDP. Unlike the petroleum industry which has slowed in demand, petrochemical demand is projected to grow at a pace of about 5% from 2005-2015. Petrochemicals also command better regional and local prices than other petroleum products.

These projects are part of Petrons $250-million Refinery Master Plan over the next five years that includes the upgrade of its present cracking unit to a Petro Fluidized Catalytic Cracker (FCC) that will increase the yield of higher value white products. Aside from the production of petrochemicals, the new units will improve cost efficiencies at Petrons 180,000 barrel-per-day Bataan refinery and provide more flexibility in the production of environment-friendly fuels.

As of the first half of 2005, Petrons export sales, especially in Mixed Xylene, contributed nearly a third of its net income of P2.31 billion as it continued to take advantage of favorable prices abroad.

Given the relatively mature fuels market, petrochemical feedstock production offers a good complementary avenue for ensuring Petrons long-term growth and profitability,Al-Faddagh concluded.

In May of this year, Petron commissioned its $100-million Clean Air facilities which put it in a unique position of being the only oil company capable of locally producing fuels that meet the stringent qualities mandated by the law.


Apr 4, 2007 Reuters

Manila's Petron awards $77.6 mln project to Daelim

The Philippines' biggest oil refiner, Petron Corp, said on Wednesday it had awarded a $77.6-million construction project to South Korea's Daelim Industrial Co. Ltd..

The project, part of Petron's $300 million plus plan to expand its processing capacity, is the second contract for Daelim. The Korean firm bagged a $250-million deal to construct Petron's PetroFCC and propylene recovery unit in January 2006.

The new contract includes engineering works, procurement and the construction of process units at its refinery in Bataan, west of Manila.

The new units will expand
Petron's mixed xylene production capacity to 275,000 metric tonnes from 149,000 metric tonnes now.

Petron, which supplies nearly 40 percent of the Philippines' total fuel needs, currently exports 90 percent of its mixed xylene, a petrochemical used for packaging materials.

The budget for the new project was raised from an initial $50 million.

Petron's PetroFCC project is more than 50 percent complete and is expected to be on stream by the first quarter of 2008, the company said in a disclosure to the stock exchange.

"The PetroFCC will allow the company to produce more high-value white products (gasoline) and make it the only local producer of the petrochemical grade propylene," Petron said.

The propylene recovery unit, with a capacity of 140,000 metric tonnes per year, is expected to be on stream by the middle of 2008. Propylene is used for food packaging materials and impact-resistant plastics.

Petron also said it had set aside around 60 million pesos ($1.25 million) for a coco-methyl ester project, in line with a new law, which requires refiners to blend biofuels with regular gasoline and diesel.

Shares in Petron, which is partly owned by the government and Middle East oil giant Saudi Aramco, rose 2.13 percent to 4.80 pesos on Wednesday, outperforming the main stock index .PSI which climbed 1.42 percent.

($1 = 48.05 pesos)


2008/7/22 Reuters

Ashmore unit buys majority stake in Manila's Petron

The Ashmore Group will acquire a 50.57 percent majority stake in Philippine oil refiner Petron after its tender offer closed on July 14, an Ashmore unit said on Tuesday.

Ashmore Group plc and its subsidiaries ("Ashmore") comprise one of the world's leading emerging market investment managers.  Based in London, Ashmore was started in 1992 as part of the Australia and New Zealand Banking Group.  In 1999, Ashmore became independent and today manages US$37.5 billion (at 30 June 2008) in pooled funds, segregated accounts and structured products. 

But the London-based investment group failed to achieve 100 percent ownership of the Philippines' biggest refiner after the government, through Philippine National Oil Co., opted to hold onto its 40 percent stake.



State-run PNOC did not participate in the tender offer as the government has said it wants to sell its Petron holdings at a higher price. Ashmore's tender valued Petron at 6.531 pesos a share.


In May, local business clan the Gokongwei's offered to buy PNOC's stake in Petron at 6.55 pesos per share.

The government hopes to sell its Petron stake in the fourth quarter to help fund its budget deficit expected to reach as much as 75 billion pesos ($1 billion) this year.


SEA Refinery Holdings B.V., owned by Ashmore Investment Management Limited, agreed to buy a
40 percent stake in Petron from Saudi Aramco for $550 million earlier this year.

Last month, it offered to buy the remaining 60 percent stake, or 5.63 billion common shares, in Petron at 6.531 pesos per share or $0.146.

Under Philippine corporate laws, an entity buying 30 percent stake in any company must undertake a tender offer.

($1=44.61 Philippine peso)

(AFP)

The 50.57 percent stake makes Ashmore the largest shareholder in publicly-listed Petron. The Philippine government holds 40 percent and the balance is held by small investors.

Ashmore bought some 10.57 percent of Petron from small investors between June 16 and July 14 at 6.531 pesos (14.6 cents) per share -- or about 146 million dollars -- Petron told the Philippine Stock Exchange in a statement.

Ashmore bought Saudi Aramco's 40 percent holding in Petron for 550 million dollars in May. The government has said it might sell at the right price.

Saudi Aramco bought its stake in 1994 for 535 million dollars.


2008/3/15 Thomson Financial

PNOC to evaluate Aramco sale of Petron stake to Ashmore

State-owned Philippine National Oil Co. (PNOC) said Friday Saudi Aramco had expressed a desire to sell its entire 40-percent shareholding in oil refiner and retailer Petron Corp. and that it would evaluate the situation to determine the best course of action."

PNOC, which owns 40 percent of Petron, made the disclosure after Petron announced that London-listed Ashmore Group had offered to buy Saudi Aramco's 3.75 billion Petron shares through its unit, SEA Refinery Holdings, for $550 million.

Saudi Aramco, , the worlds largest producer of crude oil, supplies the crude oil requirement of Petron, which accounts for about 40 percent of Philippine fuel requirements. Its unit Aramco Overseas Co. holds its 40-percent stake in Petron.

The remaining 20 percent of Petron is listed on the stock exchange.

2008/5/12

Ashmore Group to buy Saudi Aramco's stake in Petron

London-listed Ashmore Group has been cleared to buy Saudi Aramco's 40 % stake in Petron for $ 550 mm, the Philippine government said. The Philippine government, through Philippine National Oil Co (PNOC), will keep its holdings in Manila-listed Petron at 40 % and would not match Ashmore's offer, PNOC chairman Antonio Cailao told.
"We are reaffirming the approval of the sale of Aramco Overseas' 40 % equity in Petron," Cailao added.

Ashmore, through unit SEA Refinery Holdings, had offered to buy Saudi Aramco's 3.75 bn shares in Petron, currently held under the name of unit Aramco Overseas, for $ 550 mm. State-owned PNOC owns 40 % of Petron, one of the only two oil refiners in the Philippines.
Under an agreement between PNOC and Aramco signed in 1994, Aramco should first offer its 40 % stake in Petron to PNOC in case it decides to exit the company before it entertains offers from other buyers.

Energy Secretary Angelo Reyes said buying out its Saudi partner would have contradicted Manila's"policy of privatising government stakes in corporations and letting the private sector run commercial enterprises as effectively and efficiently as possible."
Saudi Aramco supplies the crude oil requirement of Petron, which in turn accounts for about 40 % of the Southeast Asian nation's total fuel requirements.


October 30, 2008 tradingmarkets.com 

San Miguel likely to buy majority stake in Petron

San Miguel, a Philippines-based food and drinks group, has evinced interest in purchasing a majority stake in oil refiner Petron, revealed media reports citing Ramon Ang, president of San Miguel.
With this purchase, San Miguel intends to spread its wings into the energy business. It is learnt that San Miguel is in talks with Ashmore Group, an investment manager, to purchase its 51% stake in Petron.

According to the Philippine Daily Inquirer, Ashmore previously bought 40% of Petron from the Saudi Aramco group and 10.57% more from minority shareholders. The investment manager has decided to exercise its right of first refusal on 40% held by the government.

When asked how much stake San Miguel is seeking in Petron, Mr Ang told Reuters that: "Yes, we want to invest more than 50%."